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All About CRA Matching

It’s a little-known fact that when CRA first receives an income tax return and sends the taxpayer a Notice of Assessment, they do little to no review of what is actually in that tax return. Unless your return has been selected for a pre-assessment review, for the most part CRA just goes along with whatever [...]

Never Miss Another Tax Slip

©iStockphoto/gemenacom If you want to file your taxes but aren't sure you have all your tax slips, Personal Tax Advisors can help. Personal Tax Advisors now offers clients free automatic slip downloads directly from the Canada Revenue Agency (CRA). With your permission and some basic details about your account, we can find every [...]

Why Do I Owe Income Tax?

It's a terrible experience: you go to your tax preparer with your hopes high, and you get handed an income tax bill. It's even worse when your income has dropped in the past year, or was modest or even low. How can you owe tax? The problem is that an income tax bill isn't necessarily [...]

How To File Your GST-HST Return From A Completed Worksheet

If you have a completed GST-HST worksheet you can easily file your GST-HST return, either by using the figures on the Worksheet and transfering them to a return, or by signing and dating the worksheet itself and mailing it to the Canada Revenue Agency. (If you're not sure what a GST-HST worksheet looks like, you [...]

How much GST or HST should I charge? – GST and HST rates by province

When you are registered to collect GST or HST and make a sale of goods or services to payer in another province, you must charge the rate of GST or HST according to the rate in the payer's province. For example, if you are a vendor based in Ontario and registered to collect HST, [...]

The tale of two brothers, one roof

When two siblings share an inheritance, their best intentions to redistribute the property can backfire and trigger unnecessarily high taxable capital gains. cottage on the lake When their mother died, Troy and Karl were joint beneficiaries of her will and inherited the lakeside cottage she'd lived in for the past 30 years. Troy [...]

By |December 12th, 2017|Tax Education, Two Minute Tax Tips|Comments Off on The tale of two brothers, one roof

It’s not too late to file your taxes!

©iStock/Tamiris6 April 30 may have come and gone, but if you haven’t filed your income taxes there’s still hope. It’s always worthwhile to file as soon as possible, even if you’ve missed the magic date. You may not actually be late! If you or your spouse have self-employment or freelance income, you both [...]

By |May 8th, 2017|Two Minute Tax Tips|Comments Off on It’s not too late to file your taxes!

How to Register for the GST or HST

It’s easy to register for the GST or HST. Before you pick up the phone, however, be clear on how often you want to file returns (monthly, quarterly or annually) and how often you want to remit (pay) your GST/HST. Usually you can also choose the date that your registration begins, which can affect the [...]

By |April 25th, 2017|Two Minute Tax Tips, Videos|Comments Off on How to Register for the GST or HST
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